MUMBAI: Virgin Hyperloop One (VHO) has released new jobs figures for the Pune-Mumbai Hyperloop project verified by KPMG estimating that it will create over 1.8 million direct and indirect jobs in the Pune-Mumbai region through the creation of a hyperloop route.
New Industrial Policy
According to the new Industrial Policy released in April 2019, which intends to make Maharashtra a trillion-dollar economy, the proposed hyperloop project directly addresses all key targets. The Hyperloop project would directly or indirectly promote 9 out of 14 “thrust sectors” identified by the new Industrial policy.
In collaboration with KPMG, Virgin Hyperloop One has estimated that the total project will attract an investment of over Rs 70,000 Crore during the duration of construction of the Pune-Mumbai Hyperloop project. Over its lifetime, the Hyperloop project will create over US$36 billion in socio-economic benefits resulting in a 2.6% increase in Maharashtra’s GDP, and create new hyperloop component and manufacturing opportunities for the state to supply projects within India, and export to the rest of the world.
While projecting the employment and investment opportunities, the Virgin Hyperloop One has taken all major factors into account like construction, operation, manufacturing and research and development over the life of the Hyperloop project. The figures also take into account the jobs directly related to hyperloop project development activities, and indirect jobs including upstream industry sectors that support the hyperloop project.
Explaining the projections, Harj Dhaliwal, Managing Director of India and the Middle East for Virgin Hyperloop One, said, “the Pune-Mumbai Hyperloop Project is well on its way to becoming the first of its kind transit option, creating new economic opportunities for hundreds of millions of Maharashtra residents. But that’s just the beginning. We envision a future in which Maharashtra becomes a global supply hub to support hyperloop projects around the world with manufacturing, design, and engineering support services making it not just hyperloop’s first home, but a global leader for the first new mode of mass transportation in over 100 years.”
Public Infrastructure Project
In a landmark announcement for building the Pune-Mumbai hyperloop transportation system, the Maharashtra Government declares Pune-Mumbai hyperloop a public infrastructure project, recognizing hyperloop transportation technology alongside other more traditional forms of mass rapid transit systems and setting it up to be the first hyperloop project in the world.
Virgin Hyperloop One-DP World JV
The committee formed by Maharashtra Infrastructure Development Enabling Authority (MahaIDEA ) had also approved the consortium of Virgin Hyperloop One-DP World as the Original Project Proponent (OPP) for the Pune-Mumbai Hyperloop Project.
According to the Pune-Mumbai Hyperloop project estimates, there are approximately 75 million passenger journeys between Mumbai and Pune annually are expected to skyrocket to 130 million by 2026. The Hyperloop Transportation system developed by Virgin Hyperloop One can meet this growing demand by supporting as many as 200 million passengers annually while linking central Pune and Mumbai in less than 30 minutes, as opposed to the current 3.5+ hours.
“The ultra-high-speed linkage not only opens up new economic and social opportunities but also offers a sustainable form of mass transportation with zero direct emissions”, said in the official statement issued by Virgin Hyperloop One.
Request For Proposal
The Maharashtra Government is finalizing the Request For Proposal (RFP) for the Pune-Mumbai hyperloop infrastructure project and is expected to invite request for proposal soon.
“The VHO-DPW proposal for Pune-Mumbai Hyperloop project includes USD $500 million of private equity funding for Phase 1 of the project. Phase 2 will be funded via debt and equity to be mobilized by the private sector ensuring that public money is not re-allocated from other infrastructure projects”, said in the official statement.